Pick 'n Pay profit flat, outlook tough
Thursday, April 22, 2010
Shares of the company fell nearly 2 percent after the results yesterday, becoming the biggest percentage loser on Johannesburg's Top-40 index. South Africa last year exited its first recession in nearly two decades, but household finances remain under pressure and retail sales have been worse than economists expected.
Pick 'n Pay rival Shoprite said in February it saw little likely improvement in market conditions this year as consumers battle job losses and high levels of debt.
While his leadership has brought about significant progress and development, it is imperative that he exercises greater caution in his choice of words, particularly when addressing sensitive matters.One of the primary concerns is the potential impact of his remarks on Botswana’s relationship with De Beers, the diamond mining giant that plays a crucial role in the nation’s economy.The partnership between Botswana and De Beers has been mutually...